Hankook to raise prices up to 5%
Hankook Tire America Corp. will increase prices on its passenger, light truck and medium truck tires up to 5%, effective Jan. 1. Increases will vary by product line and size.
"The ongoing rise in the cost of raw materials and energy consumed in manufacturing and distribution continues to impact our industry," says Hankook Senior Vice President Todd Hershberger. "We are making every possible effort to control costs and improve and expand our production capacity."
Several other tiremakers will hike passenger and light truck prices on Jan. 1, including:
* Pirelli Tire North America Inc. (4.5%, excluding its P4/P5 lines).
* Kumho Tire U.S.A. Inc. (up to 8%).
* Yokohama Tire Corp. (up to 6%).
* Bridgestone Americas Tire Operations LLC (up to 5%).
* Continental Tire North America Inc. (up to 5%).
* Nexen Tire America Inc. (8%).
In addition, Goodyear Tire & Rubber Co. (up to 6%) and Falken Tire Corp. (up to 7%) raised consumer tire prices on Dec. 1.